The+World+Economy

Notes p. 350-359


 * Silver started a new era of trade and commerce by 1500
 * European explorers discovered silver in America; by 1600, there were about 150,000 miners at Potosi
 * Silver allowed the Spanish to use the milta system and buildbig armies
 * Incas used this system to draft workers
 * European kings kept a fifth of the silver
 * China and India used silver
 * Mongol Empire created faster trading ships and new navigation tools like the compass
 * **Henry the Navigator** led a series of expeditions along the African coast and brought back slaves, spices, and stories of gold
 * **Cape of Good Hope**; Portugal traveled here in order to find India- Failed
 * **Columbus** found America for Spain in 1492 while searching for India- called natives Indians- believed it was India until he died
 * Vasco da Gama reached India in 1498 for Portugal- thought Indians were Christians- mistook Hindu temples for churches- used weapons to strike fear into the Indians- traveled to Brazil and established Portuguese dominance
 * In 1542, Portuguese reached Japan and a missionary effort was established
 * **Amerigo Vespucci-** America named after him- Italian explorer
 * **Ferdinand Magellan-** Spanish explorerreached Indonesia in 1521- claimed the Philippines
 * **Dutch East India Company**- Companies were given charters to trade in specific regions- had rights to raise armies and coin money
 * **British East India Company**- traded fur in the 18th century-expeditions were harsh
 * Columbian Exchange of foods, diseases, and people; Europe traded with the Americas- new foods, knowledge, people, and sickness were traded amongst the newly discovered nations